Business Markets

Dubai : Insurance stocks helped to drag down Saudi Arabia’s market yesterday because of fears of a shakeout in the industry, while bourses in the United Arab Emirates and Qatar rose, helped by a bullish global trend in equities.
The main Saudi index sank 2.2 per cent to 6,890 points, closing significantly...

New York : Amazon announced Thursday that its takeover of Whole Foods Market will close next week, as it vowed to cut grocery prices and fully integrate the chain into its retail empire.
The $13.7 billion acquisition, announced in June, will close on Monday, Amazon and Whole Foods said in a joint statement one day...

Hong Kong : A fifth consecutive record close on Wall Street helped fuel further gains for Asian stocks Wednesday, with bullish sentiment boosted by strong results from Apple and benign world economic data.
Traders took heart from the iPhone maker's stronger-than-expected results for the past quarter as...

Mumbai : India's stock markets hit record highs on Tuesday with the National Stock Exchange's much-watched Nifty index breaking the psychological 10,000 point mark for the first time as traders take heart from economic reforms.
The Nifty, which consists of 50 of India's top companies across more than a dozen sectors,...

Hong Kong : The pound struggled on Monday to recover from last week's sharp losses that came in the wake of a shock British election result that has thrown the country into uncertainty.
Sterling took a beating on Friday after Prime Minister Theresa May's ruling Conservative Party lost their Westminster majority,...

London : The pound plunged two percent Friday as Prime Minister Theresa May lost her majority in Britain's general election, fuelling political uncertainty just days before the start of Brexit talks.
May had called the snap vote in a bid to boost her party's hold over Westminster and give her a stronger hand in talks...

New Delhi : Indian buffalo meat exports plunged more than 10 percent in April, new trade figures show, with traders blaming a campaign to protect cows for undermining its position as one of the world's top beef suppliers.
Buffalo meat shipments dropped 11.4 percent in April, data released this week showed, denting...

Stockholm : Swedish carmaker Volvo said Thursday it will start assembling cars in India this year in a move into a fast-expanding market where it has had only a small presence until now.
Volvo Cars said in a statement that it was teaming up with truck manufacturer Volvo Group to build cars at the latter's...

Hong Kong : Most Asian markets rose Monday, with Hong Kong heading for a sixth successive gain as traders brushed off another set of disappointing US economic figures.
Investors were given a healthy lead from Europe where London and Frankfurt ended at record highs but below-par Chinese figures...

Sydney : Tech billionaire Scott Farquhar has bought a Sydney waterfront mansion for an Australian record Aus$75 million (US$56 million), a report said Monday, after the owners resisted selling the 1863-built home to developers.
The co-founder of Australian software giant Atlassian, which floated in the United States...

Amman : Saudi Arabia is to set up a $3 billion joint investment fund for Jordan, among 15 cooperation agreements signed by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud during a visit to Amman, state media said Tuesday.
Other agreements include measures to boost power generation, tackle...

Dubai : Amazon will acquire the Middle East's largest online retailer Souq.com, the two companies said in a statement on Tuesday without disclosing the value of the deal.
The announcement comes a day after Dubai-based Emaar Malls confirmed offering $800 million to acquire Souq.com.
Amazon had walked away from talks...

Bejing : Yum China, the operator of fast-food giants KFC, Pizza Hut and Taco Bell in the country, beat earnings expectations in its first report since spinning off from its US parent.
The firm said operating profit for 2016 hit $640 billion in China, up 31 percent from 2015 when it was a unit of Yum Brands.
The...

Doha : Qatar's energy minister, the current OPEC president, said world oil markets were "responding positively" to output cuts implemented by the cartel and some non-cartel producers.
"I think the market is responding positively and you can see the drop in supply," Mohammed Saleh al-Sada told reporters.
OPEC and...

Singapore : The oversupplied oil market will be rebalanced earlier than expected if major crude producers implement a deal to cap output when they meet next month, the International Energy Agency chief said Tuesday.
Under current conditions, the IEA expects global output to exceed demand until the second half of...

Mastercard has announced the launch of its mobile application for card products, Mastercard For You. The app enables cardholders to explore and enjoy all of the privileges that come with Titanium, Platinum, World and World Elite Mastercard credit and debitcards. “The car brings a new level of practicality, ease...

Paris : Pokemon Go has sent millions of people onto the streets in a worldwide hunt for virtual monsters -- and from neighbourhood restaurants to multi-national corporations, businesses smell a profit.
"It's going really well -- this is the fourth time we've had to restock our Pokemon cuddly toys in two weeks," said...

Milan : The Italian government on Tuesday sold part of air traffic service company ENAV on the stock exchange, netting 759 million euros ($836 million).
Investor demand for the 42.5 percent of the state-owned company was around eight times the amount of shares on offer, allowing the finance ministry to fix the sales...

Banglore : Infosys shares plunged more than nine percent on the Bombay Stock Exchange Friday after the Indian software giant cut its earnings outlook for the year.
The Bangalore-based IT services exporter reported a 13 percent rise in first-quarter net profit year-on-year but revised down its sales forecast, sparking...

London : Europe's main stock markets fell at the open on Friday, with sentiment hit by the fatal Nice truck attack according to traders, offsetting Wall Street records and positive Chinese data.
London's benchmark FTSE 100 index dropped 0.2 percent to 6,641.75 points compared with the close on Thursday.
In the...

Tokyo : The pound held steady Wednesday and demand for higher-yielding currencies picked up as traders considered a meeting of Japanese officials and the possibility of fresh stimulus to counter the impact of Britain's EU exit.
In Tokyo, sterling bought $1.3328 slightly down from $1.3340 in New York where it had made...

New York : Citigroup Inc said on Friday it resolved a technical issue that had left customers unable to access their accounts remotely.
Customers had taken to social media to complain about the outage, which affected several US states, including New York, Pennsylvania and California, according to...

Kuala Lumpur: UAE-based retail major LuLu Group has boosted its retail presence in the Far-East by opening the first LuLu Hypermarket in Malaysia.
The 250,000 sq. ft. hypermarket was inaugurated by the Malaysian Prime Minister Najib Tun Razak in the presence of Dr. Ahmed Zahid Hamidi, Dy. Prime Minister...

Declassified documents show that Anglo-Americans were so pessimistic in the early days of the Cold War about their chances of defending the Middle East, that they resolved to destroy the oil fields rather than let them fall into Soviet hands, according to writer Steve Everly. In an article published in Politico,...

London : Gold prices surged Friday to the highest level in more than two years following Britain's shock decision to leave the European Union.
The precious metal spiked as high as $1,359.08 per ounce -- the highest level since March 19, 2014 -- before settling at $1,318.80 around 0650 GMT.
Investors flocked to the...

Singapore :Oil prices fell on Wednesday, taking a breather after a rally fuelled by reports Saudi Arabia and Russia had agreed to freeze output ahead of a key producers' meeting.
Prices climbed to their highest levels this year on Tuesday, as reports the two oil majors had reached a consensus boosted expectations a...

Late marriages and high costs of raising children are among the several reasons for a dramatic dip in fertility rates among Emiratis in Dubai, according to findings that worry policymakers.
According to a report in Khaleej Times, birth rates are a critical factor in preserving Emirati families and upholding...

Oil prices resumed their decline on Wednesday, with global crude oversupply still dampening investors' sentiment despite occasional rallies.
Prices had risen the previous day after a four-day losing streak, as traders weighed a price outlook from the International Energy Agency (IEA) and a lowered US estimate for...

London
European equities sank yesterday as more disappointing Chinese data and downbeat analyst comment weighed on the mining sector.
London’s benchmark FTSE 100 index ended the day down 2.46 per cent to 5,958.86 points compared with Friday’s close.
In the eurozone, Frankfurt’s DAX 30...

Washington
Apple said yesterday it had sold over 13 million iPhone 6s and 6s Plus during their first weekend on the market, setting a record for its marquee product.
The company beat its previous record of 10 million in sales for the previous generation of iPhones in its first weekend in 2014. This year’s...

Jakarta
International Monetary Fund chief Christine Lagarde said Wednesday Asian economies were doing "pretty well" despite the volatility created by China's slowdown and unease on global financial markets.
A fresh round of volatility shook Asian and European stocks on Wednesday, as further evidence of...

Manama
Global stock markets plunged further yesterday as more gloomy evidence emerged of China's economic slowdown, leading to heavy sell-offs from Hong Kong to New York.
Markets in the middle east also followed the suit as data showed factory activity in China hitting a three-year low, fuelling concern over the...

Beijing
China's main state broadcaster on Monday paraded a financial journalist "confessing" to causing the stock market "great losses" as authorities seek to rein in a rout on the exchanges.
Wang Xiaolu, a journalist with the respected business magazine Caijing, was held after writing a story in July...

Beijing
Chinese Premier Li Keqiang said Tuesday there was no basis for the yuan currency to weaken further and the exchange rate would be maintained at a "basically stable" level, state media reported.
Li made the comments in talks with Bakytzhan Sagintayev, Kazakhstan's first deputy prime minister who...

Singapore
Oil prices fell in Asia Wednesday, giving up meagre gains in the previous session as investors await a US inventory report to gauge demand in the world's top economy.
US benchmark West Texas Intermediate for September delivery fell 17 cents to $42.45 a barrel and Brent crude for October dipped...

Hong Kong
Asian markets mostly gained in tepid early trade on Friday, as dealers weighed the impact of China's yuan devaluation and the timing of a US interest rate rise.
The dollar traded sideways after advancing on solid US retail figures, which added to hopes the world's largest economy is picking up and fuelled...

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Manama
People and organizations can do great things with Microsoft Edge, Xbox App, new Office Universal apps and more.
Microsoft Corp. has announced that Windows 10 will now be available as a free upgrade or with new PCs and tablets.
According to the...

Shanghai
China stocks took another plunge yesterday, as the securities regulator warned the market was in the grip of "panic" selling after fresh government moves failed to arrest a rout that has now infected regional markets.
Confidence took a hit as trading halts expanded to cover more than 1,300 companies...

Shanghai
Chinese shares plunged more than five percent within an hour of opening Tuesday before recovering, as markets took investors on a rollercoaster ride following heavy losses and a surprise weekend interest rate cut.
By lunchtime the benchmark Shanghai Composite Index had edged down just 0.01...

Tokyo
The euro lost ground against the dollar and the yen in Asian trade Friday as hopes for a Greek debt deal began to recede.
Greece's emergency negotiations with its creditors ended abruptly Thursday, pushing the crisis toward a critical weekend meeting in a bid to avoid a default by Athens and...

OPEC headed towards holding crude output levels on the eve of its production meeting, as oil prices slid back under $60 a barrel on concerns that the expected decision would further fuel oversupply.
Ministers attending a two-day OPEC seminar before Friday's output gathering said they would be happier with prices...

DT News Network
Manama
The Middle East cloud applications market is expected to grow from $887.5 Million in 2015 to $2404.5M by 2020, at an estimated Compound Annual Growth Rate (CAGR) of 22.1 per cent from 2015 to 2020, according to a report by Research and Markets
The cloud applications have widely been...

Tokyo
The dollar soared to its highest level against the yen in more than 12 years on Thursday, powered by expectations for a US interest rate hike and more monetary easing from Japan's central bank.
The greenback briefly touched 124.25 yen in Tokyo, its highest level since late 2002, before settling back to 124.14...

Dubai
Shares in Saudi Arabian Mining Co (Ma'aden) helped lift the Riyadh bourse yesterday as they surged to a record high, while other Gulf markets barely moved and profit-taking continued in Egypt.
Saudi Arabia's index rose 0.8 per cent and Ma'aden gained 6.4pc to 47.90 riyals, becoming the most heavily...

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